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STOCK AWARDS, WARRANTS AND OPTIONS | 12 Months Ended
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Dec. 31, 2024
STOCK AWARDS, WARRANTS AND OPTIONS |
STOCK AWARDS, WARRANTS AND OPTIONS |
3. | STOCK AWARDS, WARRANTS AND OPTIONS
Warrants The following table summarizes all warrant activity for the years ended December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average
​ |  | Warrants |  | Exercise Price
Outstanding at January 1, 2023 |  | 105,782 | ​ | $ | 1.37
Granted | ​ | 4,935,621 | ​ | ​ | 5.70
Exercised | ​ | — | ​ | ​ | —
Outstanding at December 31, 2023 |  | 5,041,403 | ​ | $ | 5.61
Granted | ​ | — | ​ | ​ | —
Exercised | ​ | (105,782) | ​ | ​ | 1.37
Outstanding at December 31, 2024 |  | 4,935,621 | ​ | $ | 5.70
​ The following table summarizes all outstanding warrants to purchase shares of the Company’s common stock at December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Warrants Outstanding | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31, | ​ | December 31, | ​ | Exercise Price | ​ | Expiration
Type |  | Grant Date |  | 2024 |  | 2023 |  | per Share |  | Date
Common Warrants | ​ | 12/19/2019 | ​ | — |  | 40,782 | ​ | $ | 1.10 | ​ | 12/19/2024
Common Warrants | ​ | 3/27/2020 | ​ | — |  | 65,000 | ​ | $ | 1.5313 | ​ | 3/27/2025
Common Warrants | ​ | 10/3/2023 | ​ | 4,935,621 | ​ | 4,935,621 | ​ | $ | 5.70 | ​ | 10/3/2030
​ | ​ | ​ | ​ | 4,935,621 | ​ | 5,041,403 | ​ | ​ | ​ | ​ | ​
​ Stock Awards The Company’s Board of Directors (the “Board”) has approved five stock option plans: (i) the 2006 Stock Option Plan, (ii) the 2012 Restated Equity Incentive Plan (which superseded the 2006 Stock Option Plan) (the “2012 Plan”), (iii) the 2012 Non-Employee Director Stock Option Plan (the “2012 Non-Employee Director Plan”), (iv) the 2020 Equity Incentive Plan (the “2020 Plan”), and (v) the 2021 Equity Incentive Plan (the “2021 Plan”). At this time, the Company only issues stock options and restricted stock awards under the 2020 Plan and the 2021 Plan and no longer issues stock awards under the 2006 Stock Option Plan, the 2012 Plan, or the 2012 Non-Employee Director Plan. In June 2021, the Company’s stockholders approved the 2021 Plan, which authorized 3,500,000 shares of common stock reserved under the 2021 Plan for the issuance of stock awards. The number of shares available for issuance under the 2021 Plan shall be automatically increased on January 1 of each year, commencing with January 1, 2022, by an amount equal to the lesser of 5% of the outstanding shares of Common Stock as of the last day of the immediately preceding fiscal year or such number of shares determined by the compensation committee of the Board. On January 1, 2025 and 2024, 2,279,114 and 1,557,416 shares were added under the 2021 Plan, respectively. ​ As of December 31, 2024, 59,850 stock awards remain available for issuance under the respective stock option plans. The Company’s stock option plans are administered by the Board, in conjunction with the compensation committee of the Board, which determines the recipients and types of awards to be granted, as well as the number of shares subject to the awards, the exercise price and the vesting schedule. Each stock award granted will be designated in the award agreement as either an incentive stock option, a nonstatutory stock option, or a restricted stock award. Notwithstanding such designation, however, to the extent that the aggregate fair market value of the shares with respect to which incentive stock options are exercisable for the first time by the participant during any calendar year (under all plans of the Company and any parent or subsidiary) exceeds $100,000, such options will be treated as nonstatutory stock options. Stock options are granted with an exercise price not less than equal to the closing price of the Company’s common stock on the date of grant, and generally vest over a period of one to four years. The term of stock options granted under each of the plans cannot exceed ten years. The estimated weighted average fair value of the options granted during 2024 and 2023 were approximately $5.89 and $3.85 per share, respectively. The Company estimates the fair value of each option award using the Black-Scholes option-pricing model. The Company estimates the fair value of each restricted stock awards using the Company’s stock price on the grant date. There were no restricted stock awards issued during the year ended December 31, 2024 or 2023. The company used the following assumptions to estimate the fair value of stock options issued during the year ended December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Year ended December 31, |
​ | ​ | 2024 | ​ | 2023 | ​
Expected volatility |  | 109 - 119 | % | 111 - 121 | %
Expected term |  | 5 - 7 years |  | 5 - 7 years | ​
Dividend yield |  | 0 | % | 0 | %
Risk-free interest rates |  | 3.7 - 4.5 | % | 3.5 - 4.5 | %
​ Employee and non-employee stock-based compensation expense was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ | ​ | 2024 | ​ | 2023
General and administrative | ​ | $ | 6,159,497 | ​ | $ | 5,476,151
Research and development | ​ |  | 3,605,667 | ​ |  | 1,916,245
Total | ​ | $ | 9,765,164 | ​ | $ | 7,392,396
​ The Company does not recognize an income tax benefit as the Company believes that an actual income tax benefit may not be realized. For non-qualified stock options, the loss creates a timing difference, resulting in a deferred tax asset, which is fully reserved by a valuation allowance. As of December 31, 2024, the total unrecognized fair value compensation cost related to non-vested stock options was approximately $20.4 million, which is expected to be recognized over a weighted average period of approximately 1.5 years. The following is a schedule summarizing employee and non-employee stock option activity for the years ended December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Number of | ​ | Weighted Average | ​ | Aggregate
​ |  | Options |  | Exercise Price |  | Intrinsic Value
Outstanding at January 1, 2023 |  | 5,776,839 | ​ | $ | 2.97 |  | ​ | ​
Granted |  | 3,425,979 | ​ |  | 4.32 |  | ​ |
Exercised |  | (182,405) | ​ |  | 2.55 |  | $ | 367,422
Expired/Cancelled |  | (788,009) | ​ |  | 3.82 |  | ​ |
Outstanding at December 31, 2023 |  | 8,232,404 | ​ | $ | 3.46 |  | ​ | ​
Granted |  | 3,236,726 | ​ |  | 6.81 |  | ​ |
Exercised |  | (226,105) | ​ |  | 2.60 |  | $ | 1,973,252
Expired/Cancelled |  | (511,842) | ​ |  | 5.79 |  | ​ |
Outstanding at December 31, 2024 |  | 10,731,183 | ​ | $ | 4.38 | ​ | $ | 101,787,480
Exercisable at December 31, 2024 |  | 6,568,089 | ​ | $ | 3.44 | ​ | $ | 68,037,248
​ The aggregate intrinsic value represents the difference between the exercise price of the options and the estimated fair value of the Company’s common stock for each of the respective periods.

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